Summary
Located in the vibrant River North neighborhood of Chicago, The Lake is a planned, five-story, 26k square foot social club being developed by Chicago-based luxury hospitality developer and operator, Topography Hospitality. Designed to look like a townhouse, the elegant club will include a ground floor brasserie and bar, second and third floor lounge and dining spaces, a spa, movement studio, guest suites, and a rooftop bar and terrace with city views. The Lake is intended to provide an upscale yet unpretentious member-only destination to foster community while preserving the neighborhood’s rich architectural history and supporting the local economy.
Opportunity
Nuveen Green Capital (NGC) partnered with Old Second National Bank of Chicago to provide Topography Hospitality with a $25.7 million financing package for the ground-up construction. Due to the specialized use of the property, the Sponsor was able to deploy NGC’s flexible C-PACE financing in secure, interest-only payments for the first five years of the financing term to fund key energy and water efficiency measures for the development. This enabled them to reduce the bank’s exposure while providing them with adequate proceeds to ensure the project’s financial feasibility and long-term success.
